DOHA: Qatar Insurance Company, the largest insurer of the country, has reported a net profit of QR635m (about $174.4m) for the first half of the year ended June 30 2014, an increase of 53 percent compared to the corresponding period in last year.
In a press statement yesterday, QIC said that the Board of Directors has approved the establishment of a subsidiary insurance company in Malta to attract good and strategic risks from the various European countries.
The gross premium of the group duirng the first six month of 2014, reached QR3.21bn, after the acquisition of ‘Antares’.
Investment and other income touched QR600m, up by 62 percent compared to QR370m in 2012. Where as invested assets of the company increased to QR9.97bn as on June 30 2014 from QR8.28bn as on December 31, 2012.
Total shareholders’ equity stood at QR5.294bn for the first half ended June 30, 2014, up by 2 percent against QR5.187bn in December 31, 2012.
In order to meet future capital requirements the company the board has approved the issuance of five-year convertible bonds into shares of QIC with a total value of $250m (QR910.3m).
The initiative is part of the group’s future plan to match the growth rates expected for the insurance activities during the next few years.
It also called the General Assembly for a meeting to approve this issuance after obtaining the necessary approvals from the concerned authorities.
The Peninsula
